EXECUTION COPY
 BANCO DE GALICIA Y BUENOS AIRES, S.A.
as Issuer,
 THE BANK OF NEW YORK MELLON
as Trustee, Co-Registrar, Paying Agent and Transfer Agent
 and
 BANCO DE VALORES S.A.
as Argentine Registrar, Paying Agent, Transfer Agent and
Representative of the Trustee in Argentina
 and
 THE BANK OF NEW YORK MELLON (LUXEMBOURG) S.A.
as Luxembourg Paying Agent and Transfer Agent
 INDENTURE

Dated as of May 4, 2011
 8.75% SENIOR NOTES DUE 2018




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TABLE OF CONTENTS
 PageARTICLE IGENERALSection 1.1 Definitions
    
    
    2Section 1.2 Rules of Construction
    
    
    17Section 1.3 Agents
    
    
    18ARTICLE IITHE NOTESSection 2.1 Form and Dating
    
    
    20Section 2.2 Execution and Authentication
    
    
    21Section 2.3 Registrar, Transfer Agent and Paying Agent
    
    
    22Section 2.4 Paying Agent to Hold Money in Trust
    
    
    23Section 2.5 CUSIP and ISIN Numbers
    
    
    24Section 2.6 Holder Lists
    
    
    24Section 2.7 Global Note Provisions
    
    
    24Section 2.8 Legends
    
    
    25Section 2.9 Transfer and Exchange
    
    
    26Section 2.10 Mutilated, Destroyed, Lost or Stolen Notes
    
    
    29Section 2.11 Temporary Notes
    
    
    30Section 2.12 Cancellation
    
    
    30Section 2.13 Defaulted Interest
    
    
    30Section 2.14 Additional Notes
    
    
    31ARTICLE IIICOVENANTSSection 3.1 Payment of Notes
    
    
    32Section 3.2 Maintenance of Office or Agency
    
    
    32Section 3.3 Maintenance of Corporate Existence; Properties
    
    
    32Section 3.4 Compliance with Law
    
    
    33Section 3.5 Maintenance of Books and Records
    
    
    33Section 3.6 Negative Pledge
    
    
    33Section 3.7 Payment of Taxes
    
    
    33Section 3.8 Further Actions
    
    
    33
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TABLE OF CONTENTS
 PageSection 3.9 Waiver of Stay, Extension or Usury Laws
    
    
    34Section 3.10 Conduct of Business
    
    
    34Section 3.11 Reports to Holders
    
    
    34Section 3.12 Listing and Trading
    
    
    35Section 3.13 Additional Amounts
    
    
    36Section 3.14 Use of Proceeds
    
    
    38Section 3.15 Compliance Certificates
    
    
    38ARTICLE IVMERGERS, CONSOLIDATIONS, SALES, LEASESSection 4.1 Mergers, Consolidations, Sales, Leases
    
    
    38ARTICLE VREDEMPTION AND REPURCHASES OF NOTESSection 5.1 Redemption
    
    
    39Section 5.2 Election to Redeem
    
    
    39Section 5.3 Notice of Redemption
    
    
    40Section 5.4 Selection of Notes to Be Redeemed in Part
    
    
    41Section 5.5 Deposit of Redemption Price
    
    
    41Section 5.6 Notes Payable on Redemption Date
    
    
    41Section 5.7 Unredeemed Portions of Partially Redeemed Note
    
    
    42Section 5.8 Repurchases; Notes held by the Bank and/or Affiliates
    
    
    42Section 5.9 Application of Redemption Payments
    
    
    42ARTICLE VIDEFAULTS AND REMEDIESSection 6.1 Events of Default
    
    
    42Section 6.2 Acceleration
    
    
    44Section 6.3 Other Remedies
    
    
    44Section 6.4 Waiver of Past Defaults
    
    
    44Section 6.5 Control by Majority
    
    
    44Section 6.6 Limitation on Suits
    
    
    45Section 6.7 Rights of Holders to Receive Payment
    
    
    45Section 6.8 Collection Suit by Trustee
    
    
    45
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TABLE OF CONTENTS
 PageSection 6.9 Trustee May File Proofs of Claim, etc.
    
    
    46Section 6.10 Priorities
    
    
    46Section 6.11 Undertaking for Costs
    
    
    47ARTICLE VIITRUSTEESection 7.1 Duties of Trustee
    
    
    47Section 7.2 Rights of Trustee
    
    
    48Section 7.3 Individual Rights of Trustee
    
    
    50Section 7.4 Trustees Disclaimer
    
    
    50Section 7.5 Notice of Defaults
    
    
    50Section 7.6 Report to Trustee
    
    
    51Section 7.7 Compensation and Indemnity
    
    
    51Section 7.8 Replacement of Trustee
    
    
    52Section 7.9 Successor Trustee by Merger
    
    
    53Section 7.10 Eligibility
    
    
    53Section 7.11 The Trustees Representative in Argentina
    
    
    53Section 7.12 Paying Agent, Registrar and Luxembourg Paying Agent
    
    
    54ARTICLE VIIIDEFEASANCE; DISCHARGE OF INDENTURESection 8.1 Legal Defeasance and Covenant Defeasance
    
    
    54Section 8.2 Conditions to Defeasance
    
    
    56Section 8.3 Application of Trust Money
    
    
    57Section 8.4 Repayment to Bank
    
    
    57Section 8.5 Indemnity for U.S. Government Obligations
    
    
    57Section 8.6 Reinstatement
    
    
    57Section 8.7 Satisfaction and Discharge
    
    
    58ARTICLE IXAMENDMENTSSection 9.1 Without Consent of Holders
    
    
    59Section 9.2 With Consent of Holders
    
    
    60Section 9.3 Revocation and Effect of Consents and Waivers
    
    
    61
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TABLE OF CONTENTS
 PageSection 9.4 Notation on or Exchange of Notes
    
    
    61Section 9.5 Trustee to Sign Amendments and Supplements
    
    
    61Section 9.6 Evidence of Action Taken by Holders
    
    
    61Section 9.7 Holders to be Treated as Owners
    
    
    62Section 9.8 Noteholders Meeting; Consent
    
    
    62ARTICLE XMISCELLANEOUSSection 10.1 Notices
    
    
    64Section 10.2 Certificate and Opinion as to Conditions Precedent
    
    
    65Section 10.3 Statements Required in Officers Certificate or Opinion of Counsel
    
    
    65Section 10.4 Rules by Trustee, Paying Agent and Registrar
    
    
    66Section 10.5 Legal Holidays
    
    
    66Section 10.6 Governing Law, etc.
    
    
    66Section 10.7 No Recourse Against Others
    
    
    67Section 10.8 Provisions of Indenture for the Sole Benefit of Parties and Holders
    
    
    68Section 10.9 Successors
    
    
    68Section 10.10 Duplicate and Counterpart Originals
    
    
    68Section 10.11 Severability
    
    
    68Section 10.12 Currency Indemnity
    
    
    68Section 10.13 Table of Contents; Headings
    
    
    69
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EXHIBIT A
    
    Form of NoteEXHIBIT B
    
    Form of Certificate for Transfer to QIBEXHIBIT C
    
    Form of Certificate for Transfer Pursuant to Regulation SEXHIBIT D
    
    Form of Certificate for Transfer Pursuant to Rule 144




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sociedad
anónima société anonyme
 W I T N E S S E T H
     Comisión Nacional de Valores
 obligaciones negociables Administración Federal de
Ingresos Públicos
  1




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Definitions
  Section 3.13
  ARTICLE IX
    2




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Administración Federal de Ingresos Públicos
  Section 2.7(b)
        Section 2.2(e)
 Section 10.6(d)
  3




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Section 2.2(c)(i)
                 4




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provided
  5




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provided
 (x) (y)
 provided further
     Banco Central de la República Argentina
   6




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Exhibit A Section 2.8 Exhibit A
 Comisión Nacional de Valores
     Exhibit A
        Section 6.1
  7




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Exhibit A Section 2.8 Exhibit
A
     provided however
     8




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provided however
       9




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Exhibit A
 provided
  Section 8.1(b)
 Section 10.5
        10




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except
  provided
  11




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Section 2.10
 ARTICLE VIII ARTICLE VIII
 provided however
       Fondo Fiduciario para la
Reconstrucción de Empresas líneas
especiales de crédito
  12




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redescuentos redescuentos adelantos líneas especiales de crédito redescuentos adelantos
  provided provided
  provided further
 provided
 provided
    13




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Exhibit A
  Section 2.8(b)
   Exhibit A
  Section 2.3(a)
   14




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Section 2.1(f)
  Section 3.13
      Section 2.9(d)
   Section 2.1(e)
    15




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Section 2.13(a)
      16




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Section 4.1
 comisión fiscalizadora
  Section 3.13
  Section 3.12(a)
   Section 7.11
   Rules of Construction
   17




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Agents
    18




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19




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Form and Dating
 Exhibit A
 Exhibit A
  Section 2.8
    20




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Execution and Authentication
   Section 2.2
   Section 10.2
 Section 10.2
  21




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Section 2.2
  Registrar, Transfer Agent and Paying Agent
 Section 3.1(a)
  22




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Section 7.7
   Paying Agent to Hold Money in Trust Section 2.4
  23




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provided however
 CUSIP and ISIN Numbers provided
 Holder Lists
 Global Note Provisions
 Section 2.8 Exhibit A
  24




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Section 2.7(c)
 Legends
 Exhibit A
 Exhibit A
  25




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Transfer and Exchange
   Exhibit C
    Exhibit B
  Other Transfers Section 2.9 Section 2.9(d)
 Use and Removal of Private Placement Legends Section 2.7(c)
 Exhibit D
  26




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Section 2.9(d)
 Consolidation of Global Notes
 Retention of Documents ARTICLE II
 Execution, Authentication of Notes, etc.
 Section 2.9 provided
  27




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No Obligation of the Trustee.
   28




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Mutilated, Destroyed, Lost or Stolen Notes
  Section 2.10
  Section 2.10
 Section 2.10
  29




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Temporary Notes
 Cancellation Section 2.10
 Defaulted Interest Section
2.13(a) Section 2.13(b)
 Section 2.13(a)
  30




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Section 2.13(b)
 Section 2.13(b)
 Additional Notes Exhibit A
   ARTICLE II Exhibit A
  31




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Payment of Notes
    Maintenance of Office or Agency
 Section 2.3
 provided however
 Maintenance of Corporate Existence; Properties ARTICLE IV provided
  32




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Compliance with Law
 Maintenance of Books and Records
 Negative Pledge
 Payment of Taxes provided however
 Further Actions
  33




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Waiver of Stay, Extension or Usury Laws
 Conduct of Business
 Reports to Holders
      34




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provided, however
   Listing and Trading
 provided
 Section 10.1(b)
  35




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Additional Amounts
        36




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37




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Use of Proceeds
 Compliance Certificates
  provided however Section 3.11
   Mergers, Consolidations, Sales, Leases
     38




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Redemption Exhibit A
 Election to Redeem Section 5.1
  39




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Notice of Redemption
 Section 10.1
 pro rata Section 5.3(c)
   Section 5.6
     Section 5.6
    40




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Section 10.1 Luxemburger
Wort
 Selection of Notes to Be Redeemed in Part
 pro rata pro rata
  Deposit of Redemption Price Section
2.4
 Notes Payable on Redemption Date ARTICLE V
  41




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Unredeemed Portions of Partially Redeemed Note provided
 Repurchases; Notes held by the Bank and/or Affiliates
 Application of Redemption Payments ARTICLE V pro rata
   Events of Default
   Section
4.1
   42




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ARTICLE IV
      43




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Acceleration Section 6.1(g) Section 6.1(g)
 Other Remedies
   Waiver of Past Defaults ARTICLE IX
 Control by Majority provided however
  44




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Limitation on Suits unless
       Section 6.6
 Rights of Holders to Receive Payment
 Collection Suit by Trustee Section 7.7
  45




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Trustee May File Proofs of Claim, etc.
    Section 7.7
  Priorities ARTICLE VI
 Section 7.7
 Section 1.3 Section 7.11
   Section 6.10
  46




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Undertaking for Costs Section 6.11 Section 6.7
   Duties of Trustee
      Section 7.1(c) Section 7.1(b)
   47




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Section
6.2 Section 6.5 Section 6.8
    ARTICLE VII
   Rights of Trustee
     48




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Section 6.1(a) Section 6.1(b) Section
7.2(f)
      49




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Section 7.7
    Individual Rights of Trustee Section 7.10
 Trustees Disclaimer
 Notice of Defaults Section 7.2(f)
  50




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Report to Trustee
 Compensation and Indemnity
 per annum
  Section 7.7 Section 7.7
 Section 7.7 provided however Section 7.7 Section 6.10
  51




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Section 6.1(g)
 Replacement of Trustee
 Section 7.10
 Section 7.10
     Section 10.1 Section 7.7
   52




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Section 7.10
 Section 7.8 Section 7.7
 Successor Trustee by Merger
 provided ARTICLE VII
 provided
 Eligibility
 The Trustees Representative in Argentina
 Section 7.11
    53




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Paying Agent, Registrar and Luxembourg Paying Agent ARTICLE
VII mutatis mutandis
   Legal Defeasance and Covenant Defeasance
 Section 8.2 Section 8.1(b) Section 8.1(c)
  54




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Section 8.1(a) Section 8.1(b) Section 8.2 st Section 8.2(a)Subsection 1.1.1(a) Section 8.1(b)
 Section
8.2
  ARTICLE VII
 ARTICLE VIII
 ARTICLE VIII Section 8.1(b) Section
8.1(c)
 Section 8.1(a) Section 8.1(c) Section 8.2 Section 3.6 Section 3.7 Section 3.10 Section 3.11 Section 3.12 Section 6.1(a)(iii)
  55




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Conditions to Defeasance
 Section 8.2
   Section 8.1
  ARTICLE V
   56




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Application of Trust Money ARTICLE VIII ARTICLE VIII Section 8.3
 Repayment to Bank
   Indemnity for U.S. Government Obligations ARTICLE VIII
 Reinstatement ARTICLE VIII ARTICLE VIII ARTICLE VIII provided however
  57




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Satisfaction and Discharge
         58




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Without Consent of Holders
       Section
2.14
     provided
  Section 9.1 Section 9.1
  59




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Section 9.1
 With Consent of Holders
 Section 9.1
      Section 3.13
  Section 9.2(b)
  60




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Revocation and Effect of Consents and Waivers
 ARTICLE
IX Section 9.2 Section 9.2
  Notation on or Exchange of Notes
 Trustee to Sign Amendments and Supplements ARTICLE
IX Section 7.1 Section 7.2 Section 10.2
 Evidence of Action Taken by Holders
  61




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Holders to be Treated as Owners
 Noteholders Meeting; Consent
 Section
10.1 Boletín Oficial de la República Argentina
  62




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63




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Notices
     64




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www.bourse.lu; provided
 Section 10.1(b)
   Certificate and Opinion as to Conditions Precedent
   Statements Required in Officers Certificate or Opinion of Counsel
   65




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Rules by Trustee, Paying Agent and Registrar
 Legal Holidays
 Governing Law, etc.
 PROVIDED
   66




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provided
      Section 10.6
 No Recourse Against Others
  67




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Provisions of Indenture for the Sole Benefit of Parties and Holders provided
 Successors
 Duplicate and Counterpart Originals
 Severability
 Currency Indemnity Section 10.12
  68




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Section 10.12
 Table of Contents; Headings
  69




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BANCO DE GALICIA Y BUENOS AIRES S.A.By:Name:Title:
    
    Authorized Signatory




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The Bank of New York Mellonas Trustee, Co-Registrar, Principal PayingAgent and Principal Transfer AgentBy:Name:Title:




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ARTICLE VII  mutatis mutandis
 The Bank of New York Mellon (Luxembourg) S.A.as Luxembourg Paying AgentBy:Name:Title:




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Banco de Valores S.A.By:Name:Title:




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EXHIBIT A
 FORM OF NOTE
  SOCIEDAD ANÓNIMA
    A-1




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ST ND RD TH TH TH TH TH TH TH TH
  A-2




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Include the following Private Placement Legend on all Restricted Notes:
   A-3




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A-4




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FORM OF FACE OF NOTE
 BANCO DE GALICIA Y BUENOS AIRES S.A.

8.75% SENIOR NOTES DUE 2018
 No. [__________]
    
    Principal Amount U.S.$[________
]
 [If the Note is a Global Note include the following two lines:
 [If the Note is a GlobalRule 144A Note, insert:CUSIP NO.][If the Note is a GlobalRegulation S Note, delete thereference to CUSIP NO. andreplace it with:ISIN NO.]
 sociedad anónima) If the Note is a Global Note, add the
following
 Interest Rate:
    
    8.75%Interest Payment Dates:
    
    May 4 and November 4 of each year, commencing on November 4, 2011Record Dates:
    
    April 19 and October 20Maturity Date:
    
    May 4, 2018
  A-5




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BANCO DE GALICIA Y BUENOS AIRES S.A.By:Name:Title:By:Name:Title:
 
 
 By:Authorized Signatory
    
    Date: ____________
  A-6




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FORM OF REVERSE SIDE OF NOTE
 Interest
 sociedad anónima
    Method of Payment
 provided
  B-1




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provided however
 Paying Agent and Registrar
  Indenture
     B-2




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Optional Redemption
 Optional Redemption with a Make-Whole Premium provided
     provided however
   B-3




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Optional Redemption Without a Make-Whole Premium
 Year
    
    Percentage2015
    
    
    104.3750
    %2016
    
    
    102.8875
    %2017
    
    
    100.0000
    %
 Optional Redemption Upon Tax Event. provided however
    Optional Redemption Procedures. pro rata
  B-4




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Section 10.1
  Denominations; Transfer; Exchange
  Persons Deemed Owners
  Unclaimed Money
   B-5




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Discharge Prior to Redemption or Maturity
  Amendment, Waiver
   Defaults and Remedies
   B-6




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Trustee Dealings with the Bank
  No Recourse Against Others
  Authentication
  Abbreviations
  CUSIP or ISIN Numbers
   B-7




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Governing Law
 provided
 Currency of Account; Conversion of Currency
  Agent for Service; Submission to Jurisdiction; Waiver of Immunities
 provided
   B-8




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This Note shall be governed by and construed in accordance with the laws of the State of New York; provided that all matters relating to the due authorization, execution, issuance and delivery of
the Notes by the Bank, and matters relating to the legal requirements necessary in order for the
Notes to qualify as  obligaciones negociables  under Argentine law, shall be governed by the
Argentine Negotiable Obligations Law No. 23,576, as amended, together with Argentine Business
Companies Law No. 19,550, as amended and other applicable Argentine laws and regulations.
 This Global Note does not qualify for the Argentine deposit insurance system established pursuant
to Argentine Law No. 24,485, as amended, and does not benefit from the priority right granted to
depositors pursuant to Article 49(d) and (e) of Argentine Law No. 21,526, as amended. This Global
Note is not secured by any floating lien or special guarantee nor is this Global Note guaranteed by
any other means or by any other entity.
  B-9




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Date:
___________
    
    Your Signature:(Sign exactly as your name appears on the other side of this Note.)
 Signature Guarantee:(Signature must be guaranteed)
   B-10




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[To be attached to Global Notes only]
   Amount of
    
    
    Amount of
    
    
    Principal Amount
    
    
    Signature ofdecrease in
    
    
    increase in
    
    
    of this Global
    
    
    authorizedPrincipal Amount
    
    
    Principal Amount
    
    
    Note following
    
    
    signatory ofDecrease
    
    of this Global
    
    
    of this Global
    
    
    such decrease or
    
    
    Trustee or Noteor Increase
    
    Note
    
    
    Note
    
    
    increase
    
    
    Custodian
  B-11




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EXHIBIT B
 FORM OF CERTIFICATE FOR TRANSFER TO QIB
 [Date][CUSIP _________][ISIN __________][Common Code ________]
  Re:
    
    8.75% Senior Notes due 2018 (the Notes)of Banco de Galicia y Buenos Aires S.A. (the Bank)
   in the case of a
transfer of an interest in a Regulation S Global Note:
   B-12




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Very truly yours,[Name of Transferor]By:Authorized Signature
  B-13




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EXHIBIT C
 FORM OF CERTIFICATE FOR TRANSFER  PURSUANT TO REGULATION S
 [Date][CUSIP __________][ISIN ___________][Common Code __________]
  Re:
    
    8.75% Senior Notes due 2018 (the Notes)of Banco de Galicia y Buenos Aires S.A. (the Bank)
  Indenture
 in the case of a transfer of an interest in a Rule 144A Global Note:
     C-1




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Very truly yours,[Name of Transferor]By:Authorized Signature
  C-2




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EXHIBIT D
 FORM OF CERTIFICATE FOR TRANSFER  PURSUANT TO RULE 144
 [Date][CUSIP __________][ISIN ________][Common Code __________]
  Re:
    
    8.75% Senior Notes due 2018 (the Notes)of Banco de Galicia y Buenos Aires S.A. (the Bank)
   in the case of a transfer of an interest in a Rule 144A Global Note:
  Very truly yours,[Name of Transferor]By:Authorized Signature
  D-1